Mitel Networks (NASDAQ:MITL) (TSE:MNW) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday.
A number of other equities analysts also recently commented on MITL. ValuEngine downgraded Mitel Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 2nd. Zacks Investment Research upgraded Mitel Networks from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Tuesday, October 16th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $12.38.
NASDAQ:MITL traded up $0.01 during mid-day trading on Wednesday, reaching $10.99. The stock had a trading volume of 2,268 shares, compared to its average volume of 830,610. Mitel Networks has a fifty-two week low of $7.13 and a fifty-two week high of $11.31. The company has a market capitalization of $1.35 billion, a P/E ratio of -27.48 and a beta of 2.17. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.77 and a current ratio of 0.94.
In other Mitel Networks news, Director Benjamin Ball sold 21,250 shares of the stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $10.97, for a total transaction of $233,112.50. Following the transaction, the director now owns 51,125 shares in the company, valued at $560,841.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Todd Abbott sold 2,448 shares of the stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $11.01, for a total value of $26,952.48. Following the transaction, the executive vice president now owns 7,552 shares in the company, valued at approximately $83,147.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,019 shares of company stock worth $472,596. Corporate insiders own 5.60% of the company’s stock.
A number of hedge funds have recently made changes to their positions in MITL. Alpine Associates Management Inc. acquired a new position in Mitel Networks during the second quarter valued at approximately $61,934,000. Paulson & CO. Inc. acquired a new position in Mitel Networks during the second quarter valued at approximately $43,880,000. Gardner Lewis Asset Management L P acquired a new position in Mitel Networks during the second quarter valued at approximately $30,632,000. Gabelli Funds LLC acquired a new stake in shares of Mitel Networks in the second quarter worth $18,713,000. Finally, Paradigm Capital Management Inc. NY acquired a new stake in shares of Mitel Networks in the second quarter worth $16,676,000. Institutional investors own 80.22% of the company’s stock.
About Mitel Networks
Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.
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